Posted on: 13th Feb, 2013 06:48 pm
My husband and I own a mobile home and rent it out. The rent payment covers the cost of the lot rent plus gives us some income. Could the income be considered in applying for a mortgage? Would the lot rent be included in our debt to income ratio? How long do we need to rent the mobile home before it can be considered income to lenders?
The income that you receive by renting your mobile home is considered as investment income. This income is taken into consideration as income by the lender while offering you a mortgage loan.
most lenders require that you have 2yrs landlord experience.
provable by tax returns as you will be declaring the income and writing off expenses for the rental.
provable by tax returns as you will be declaring the income and writing off expenses for the rental.
